The Oriental Weavers Company confirmed that Yasmine and Farida Khamis still retain their ownership in the company indirectly.
And Oriental Weavers stated, in a statement on Sunday evening, that FYK Limited has become the owner of 24.61%, which is the same percentage that was owned by Yasmine and Farida Farid Khamis, who own 100% of FYK Limited.
The company stated that the process of transferring ownership, which took place on the shares of Oriental Weavers Carpet Company through the mechanism of large-scale deals, came within the framework of restructuring between related groups of 163,743,208 shares, which represents 24.61% of the company’s capital shares.
Oriental Weavers indicated that this restructuring process has a “great positive impact” in increasing the ability of the group companies to diversify financing sources internationally and enhance financing transactions, which contributes to creating a unified investment platform to enhance future growth opportunities.
Oriental Weavers confirmed that the current restructuring process will not result in any modification to the ownership structure of Oriental Weavers, and that there will be no change in the final beneficiary, and therefore the groups associated with this company, and the ownership ratios of the associated groups after the aforementioned restructuring process will become completely identical with the ownership ratios of the groups associated with the restructuring process.
She added that this means that both Farida and Yasmine still retain their ownership percentage in Oriental Weavers indirectly, stressing that the restructuring process will increase the ability of the group companies to diversify funding sources internationally and enhance financing transactions, thus contributing to finding an investment platform to enhance financing opportunities.
She indicated that the restructuring process will not result in any modification to the ownership structure of Oriental Weavers.
During Sunday’s session, Fyk Limited purchased 163.74 million shares of Oriental Weavers, with a total value of EGP 1.375 billion, at an average price of EGP 8.40 per share. After Farida Mohamed Farid Khamis sold her entire stake in the capital of the Oriental Weavers Carpet Company, amounting to 12.31%, with a total value of the deal 687.72 million pounds, and Yasmine Mohamed Farid Khamis also sold her entire stake in the capital of the Oriental Weavers Carpet Company, amounting to 12.31%, with a total value of the deal 687.72 million pounds. Bringing the total deal to 1.37 billion pounds.
And Oriental Weavers Carpets achieved a net profit of 583.74 million pounds during the period from January to the end of September 2022, compared to 960.24 million pounds in profits during the same period last year.
